Medtronic Short Interest Up 326.2% in June (MDT)
Shares of Medtronic (NYSE:MDT) were the target of a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 44,872,176 shares, a growth of 326.2% from the June 13th total of 10,527,302 shares, StockRatingsNetwork.com reports. Approximately 4.5% of the shares of the company are short sold. Based on an average trading volume of 19,741,989 shares, the short-interest ratio is presently 2.3 days.
A number of research firms have recently commented on MDT. Analysts at Jefferies Group upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research note on Friday, June 20th. They now have a $75.00 price target on the stock, up previously from $60.00. Separately, analysts at Oppenheimer raised their price target on shares of Medtronic from $66.00 to $73.00 in a research note on Wednesday, June 18th. They now have an “outperform” rating on the stock. Finally, analysts at Barclays upgraded shares of Medtronic from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 18th. They now have a $73.00 price target on the stock, up previously from $67.00. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $67.41.
Medtronic (NYSE:MDT) opened at 62.41 on Tuesday. Medtronic has a 52 week low of $51.22 and a 52 week high of $65.50. The stock’s 50-day moving average is $62.93 and its 200-day moving average is $59.91. The company has a market cap of $62.146 billion and a price-to-earnings ratio of 20.65.
Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, May 20th. The company reported $1.12 earnings per share for the quarter, meeting the analysts’ consensus estimate of $1.12. The company had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.58 billion. During the same quarter last year, the company posted $1.10 earnings per share. Medtronic’s revenue was up 2.4% compared to the same quarter last year. Analysts expect that Medtronic will post $4.05 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, July 25th. Investors of record on Thursday, July 3rd will be given a dividend of $0.305 per share. This represents a $1.22 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend is Tuesday, July 1st. This is an increase from Medtronic’s previous quarterly dividend of $0.28.
Medtronic, Inc (NYSE:MDT) is engaged in medical technology – alleviating pain, restoring health, and extending life for millions of people worldwide.
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